Ashton

This appeal is from a judgment modifying and affirming, as modified, an order of a referee in bankruptcy which, as modified, requires Standard Oil Company of California, hereafter called Standard, to pay the trustee of the bankrupt estate of Deep Hole Drilling Corporation, hereafter called Deep Hole, moneys claimed by appellants — Consolidated Royalties, Incorporated, hereafter called Consolidated, and C. B. Callahan. The facts are as follows:

On September 30, 1938, Henry C. Hopkins and Clarence V. Hopkins leased to Twin Oil Company ,two acres of land in Los Angeles County, California. On December 10, 1938, the lease was assigned to Deep Hole. Thereafter Deep Hole drilled on the leased land an oil well known as Well No. 1. The well was completed on February 5, 1939. On February 1, 1939, Deep Hole and Standard made a contract whereby Standard agreed to purchase, and Deep Hole agreed to sell and deliver, all oil produced from the well, delivery to be made into Standard’s pipeline, title to pass to Standard upon such delivery. All oil produced from the well was in fact so purchased, sold and delivered. On March 27, 1939, Deep Hole executed and delivered *227 two assignments — one to…